March 29, 2024

Fed day snaps S&P 4 day win streak

Index & Sector performance 10/30/13 The Market: A small gap up on the open was quickly sold and the market pulled back but losses were relatively contained until the Fed announcement which sent the S&P spiking lower.  Buyers did then step in and used the last hour of trading to help close the index off the lows but not enough to keep from snapping the S&P 500’s 4 day win streak. In economic news, ADP Non-Farm came in lower than expected printing a 130K with 151K the expectation.  Core CPI was also light coming in at 0.1% when 0.2% was…

Daily Wrap

DJIA +125.95 (+0.89%) to 14,253.77; S&P 500 +14.59 (+0.96%) to 1,539.79; NASDAQ +42.10 (+1.32%) to 3,224.13 Up up and away the market went today with the Dow closing at record highs.  Starting the week I had the expectation that this week would be a consolidation week but then as Monday started, something bothered me.  The 4 hour emini S&P 500 chart.  It didn’t just look bullish it look destined to head higher.  I posted it over at StockTwits (WSConsensus) and again in my nightly recap.  The way the markets closed and also started the next day seemed to be confirming the pattern and…